Bakeware Market Scenario
Market Research Future (MRFR) studied the global bakeware market 2020 through the review period till 2027. MRFR analysis reveals that the global bakeware market is expected to rise at 4.5% CAGR through the forecast period between 2020 and 2027. By 2027, the bakeware market value is likely to value at USD 11 Bn. The increasing demand for baked products and the rapid growth of commercial bakeries are expected to promote the growth of the bakeware market. The change in consumer preferences and the availability of a wide range of products in different freshness, tastes, and flavors can improve the momentum of the bakeware market. The inclination towards comfort food is also expected to earn considerable revenue for the market. Other causes that are expected to favor the bakeware market are the growing number of nuclear families, the expansion of the organized retail sector across the emerging economies, and the introduction of non-stick bakeware among others. Ban on plastic use and the growing trend of dining out are some restraints on the global bakeware market rise.
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Market Segmentation
The segment assessment of the global bakeware market is done by product type, distribution channels, and end-users.
The product type-based segments of the global bakeware market are cups, tins & trays, rolling pins, and pans, and dishes among others. The cup, tin, and tray segments are expected to earn considerable revenue by 2027. The pan and dishes segment is expected to generate considerable revenue for the market. The baking tins and trays segment can hold its dominance soon as these are crucial utensils used in baking because they are responsible for holding the base for any baking product, baked in an oven. Hence, specificity materials are used in the fabrication of baking tins and that are likely to tolerate fluctuating baking temperatures. However, highly-priced pans and dishes are expected to hinder the market rise in the study period.
The end-user-based segments of the global bakeware market are household and commercial. The commercial segment is likely to expand at the highest CAGR in the study period. The growing preference for bakery products and expansion of its consumer base are other important causes that can prompt the bakeware market. The increasing preference for dine-in experience by a large population has resulted in the increasing number of commercial cafes and bakeries. These factors are expected to drive the expansion of the commercial segment in the years to come.
The distribution channel-based segments of the global bakeware market are Store-Based and non-store-based. The store-based segment of the market is expected to make a high profit. The rising number of supermarkets and hypermarkets, and convenience stores that sell different types of bakeware, and the availability of online channels that are contributing to maximizing their sales are likely to prompt the market in the years ahead. Top-notch bakeware manufacturers are emphasizing promotional activities to boost product visibility and reach, which, in turn, can result in the rise of the segment. The inclination towards store-based channels as they offer a one-stop shopping experience can bolster the segment's upsurge. The expansion of online business is likely to aid the growth of non-store-based segments.
Regional Analysis
In North America, the bakeware market is expected to thrive owing to the booming bakery business and expansion of commercial bakeries. The in Europe, the presence of top-notch bakeries can contribute to the market rise. MRFR study reveals that the Asia Pacific bakeware market is likely to surge at a rapid pace to garner high revenue by 2027. According to MRFR findings, the bakery industry can be worth above USD 471 billion and expand at about 6% CAGR in the next couple of years, which is expected to significantly impact the bakeware market in APAC.
Rest of the World
Key Players
Key industry players are adopting different strategies, such as expansions, product launches, and partnerships to strengthen their market positions. The growing focus of the market on expanding operations across the world to augment their strong partner relationships and production capabilities is expected to support the market rise. Strategies adopted by top-notch companies are their entrance in untapped markets to grow their customer base are assessed by MRFR. Motiva Silicone Private Limited (India), Kaiser Bakeware (Germany), Indigo Metalware (India), Nordic Ware (US), Reynolds Consumer Products LLC (US), The Oneida Group Inc. (US), Primma G.R.A. (Canada), Calphalon, LLC (US), Wonderchef Home Appliances Pvt. Ltd (India), and USA PAN (US) are companies that are enlisted by MRFR.
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